Chicago-based crypto exchange Seed CX, which allows its clients to access a wider range of cryptocurrency markets and its key liquidity venues, has added three stablecoins to its digital asset exchange. The newly-listed coins include PAX, USD Coin and TrueUSD.
The firm, led by Edward Woodford, now facilitates spot trading on the three stablecoins against the US dollar. They are planning on offering more trading pairs with the Euro and other fiat currencies in the near future. Seed CX also have plans to offer a market for crypto derivatives, regulated by the US Commodity Futures Trading Commission (CFTC).
The institutional platform provides margin trading on the new pairs with up to 10x leverage, but uses larger tick and contract sizes and tighter quote requirements than retail platforms. More specifically, each stablecoin will trade with a minimum order size of one coin, and a tick size of 0.0001.
Stability or Volatility – Should You Invest in Stock or Crypto?Go to article >>
Seed CX aims to lure Wall Street
With multiple currencies supported and several pairs traded, Seed CX is obviously gearing towards operating in the crypto space more like a forex broker, albeit focused on the institutional segment.
Earlier, in January, Seed CX announced the launch of spot trading for institutional investors. Also last week, the company has partnered with TradAir to allow its customers to leverage Seed CX’s suite of OTC trade settlement services that were recently launched by its custodian subsidiary, Zero Hash.
Commenting on the news, Seed CX co-founder and CEO Edward Woodford said: “We are excited to introduce three of the major stablecoins as tradable pairs on our secure and regulated trading platforms. We are also pleased that the stablecoins can be used as collateral for margin trading. Stablecoins are important in the ecosystem as they increase the velocity of movement of fiat equivalent assets 24/7 and had been requested by a number of our trading participants.”
Tory Reiss, co-founder of TrustToken, added: “Giving institutions that can only trade on a regulated digital assets exchange access to TrueUSD will further allow for the adoption of our first, fiat-backed stablecoin. We are excited to see Seed CX support TrueUSD, and look forward to collaborating with them over the coming months and years.”